Qualcomm to invest $150m in Indian startups
US chip maker Qualcomm is to invest up to $150 million in Indian startup companies via a venture fund.
The company made the announcement following a meeting between its executive chairman Paul Jacobs and Indian prime minister Narendra Modi. Qualcomm Ventures will advise and direct the venture fund on its strategic investments.
"We share prime minister Narendra Modi's vision to transform India into a digitally empowered society and knowledge economy. India is at the cusp of a technology revolution and mobile technologies will lay the foundation for Digital India," said Paul E. Jacobs, executive chairman of Qualcomm. "We are committed to providing local innovative start-ups with the support needed to help India's IOE ecosystem grow, increasing consumer choice and availability."
Qualcomm claims to have invested in Indian startups since 2007 and presently has over 20 Indian companies as part of its global portfolio.
The companies include MapMyIndia, a provider of digital map, navigation, and tracking products and services; Yourstory, a media tech platform for entrepreneurs and Portea Medical, an in-home healthcare provider.
The company said its initiatives in India is designed to help support the government’s Digital India vision.